SRC and ANB Extend Refinancing Agreement, Boosting Home Loans

Saudi Real Estate Refinance Co. (SRC) has recently extended its refinancing agreement with Arab National Bank (ANB), injecting SR500 million ($133 million) into the home loan market. This collaboration aims to make it easier for Saudi citizens to access home loans, supporting the Kingdom's housing sector. SRC, owned by the Public Investment Fund, and ANB have joined forces for the second time to expand mortgage refinancing and provide funding solutions to real estate entities, fostering growth in the real estate market.

The recent purchase agreement of the SR500 million investment portfolio is part of SRC's ongoing efforts to enhance financial sustainability in real estate financing, in alignment with the objectives of the Housing Program under Saudi Vision 2030. The goal is to empower financing agencies to offer suitable solutions to citizens seeking homeownership.

Both SRC and ANB are committed to supporting sector development by offering convenient property financing options to Saudi citizens. SRC's CEO highlighted the partnership's role in boosting market liquidity to facilitate the creation of new home financing portfolios, meeting the Kingdom's housing market demands.

ANB's CEO expressed pride in continuing the strategic partnership with SRC, emphasizing their joint commitment to the Kingdom's housing sector. The expanded agreement signifies their dedication to the national vision and contributes to strengthening the financial ecosystem, aligning with the goals of Vision 2030's Housing Program.

Earlier this year, SRC collaborated with Al-Rajhi Bank to broaden housing options for Saudi residents by acquiring a real estate financing portfolio valued at SR5.8 billion. Through various refinancing agreements with key banks and mortgage finance companies in the Kingdom, SRC aims to increase Saudi citizens' access to home financing solutions, providing liquidity, capital management, and balance sheet de-risking solutions to enhance the financing capabilities of home financiers and originators.

The collaboration between SRC and ANB signifies a significant step towards enhancing the accessibility of home loans for Saudi citizens, supporting the Kingdom's housing sector growth. By aligning with the objectives of Saudi Vision 2030, this partnership aims to provide sustainable financial solutions and contribute to the overall development of the real estate market in Saudi Arabia.